Core BTS Has Reached an Agreement to be Acquired by NRI

By: Kate Willse | November 9, 2021

Core BTS today entered into a definitive agreement to be acquired by Nomura Research Institute (NRI), one of Japan’s leading research and consulting firms. This transaction firmly establishes NRI with a platform to capitalize on the growing demand for digital transformation in the US.

NRI was established in 1965 and since its inception, the company has been dedicated to assisting clients to confidently manage the complexity of modern markets. As an NRI Group Company, Core BTS will have the long term financial and strategic backing to continue to deliver world class consulting, technical expertise and managed services to clients confronting their most complex technology challenges.

“NRI is committed to providing the highest quality services and insights to earn the continuous trust of our clients. The value that Core BTS’ approach, people, and systems bring to their clients makes them an ideal fit for our organization and supports our desire to offer clients the best solutions and services available globally” said Hajime Ueda, Senior Executive Managing Director at NRI. He added, “Core BTS will have a significant voice within NRI and their addition offers immense opportunities for collaboration and growth throughout our Company.”

Paul Lidsky, the Chief Executive Officer of Core BTS, will continue to lead Core BTS along with the existing leadership team. He noted that “we are delighted to join the NRI family and excited about the impact that our greatly expanded scale and capabilities will bring to our clients, partners, and associates.” Lidsky continued “we truly appreciate the unwavering support that Tailwind Capital provided over the past three years. Together with NRI, we remain committed to serving our clients and continuing to execute our growth strategy.”

The transaction is expected to close in December 2021 subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions.

Evercore is serving as financial advisor to Core BTS and Davis Polk & Wardwell LLP is serving as legal advisor. Nomura Securities Co., Ltd is serving as financial advisor to NRI and Pillsbury Winthrop Shaw Pittman is serving as legal advisor.

About Tailwind
Tailwind Capital is a private equity firm focused on growth-oriented investments in targeted sectors within technology & business services, healthcare and industrial services. Tailwind partners with experienced management teams and entrepreneurs to transform businesses through organic growth initiatives, acquisitions, and operational and strategic investments. Since inception, Tailwind has invested in 47 portfolio companies and over 145 add-on acquisitions. For more information, please visit

About NRI
Founded in 1965, NRI is a leading global provider of consulting services and system solutions, including management consulting, system integration, and IT management and solutions for the financial, manufacturing, retail and service industries. Clients from all layers of these individual industries partner with NRI to tap NRI’s research expertise and innovative solutions across the organization to expand businesses, design corporate structures and create new business strategies. NRI has more than 13,000 employees in more than 70 offices globally including New York, London, Tokyo, Hong Kong, Singapore, and Australia. NRI reports annual sales above $4.9 billion. NRI is rated “A” by S&P Global Ratings Japan. For more information, visit

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